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Lessons

Understand it. Then drill it.

Every lesson covers one interview topic, question type by question type: the intuition, why it works, a worked example with live numbers, diagrams you can move, the same idea run backwards, and a check marked exactly like practice.

Investment Banking topic lessons

6 of 6 topics ready
Interactive 66 min

Accounting

The three statements and how every change moves through them: depreciation, capitalizing, write-downs, working capital, deferred revenue and deferred tax.

  1. 1Depreciation through the three statements
  2. 2Capitalize versus expense
  3. 3Write-downs and impairments
  4. 4Working capital and cash flow
  5. 5Deferred revenue
  6. 6Deferred tax assets and losses carried forward
0 of 6 chaptersStart
Interactive 58 min

Enterprise Value

Equity value, enterprise value and the bridge between them: what moves each, diluted shares, convertibles and leases.

  1. 1Equity value to enterprise value
  2. 2What moves enterprise value
  3. 3Diluted shares and the treasury stock method
  4. 4Convertible bonds
  5. 5Leases in enterprise value
0 of 5 chaptersStart
Interactive 70 min

DCF & Valuation

Value a business from the cash it produces: free cash flow, WACC, beta, discounting, terminal value and the share price, built one piece at a time.

  1. 1Unlevered free cash flow
  2. 2WACC: the discount rate
  3. 3Levering and unlevering beta
  4. 4Discounting and the mid-year convention
  5. 5Terminal value
  6. 6From DCF to share price
0 of 6 chaptersStart
Interactive 59 min

Accretion / Dilution

Does a deal raise or lower the acquirer's EPS? Pro forma EPS, the P/E shortcut, synergies, purchase accounting and contribution analysis.

  1. 1Pro forma EPS: accretive or dilutive?
  2. 2The P/E shortcut: cash versus stock
  3. 3Synergies: phasing and costs to achieve
  4. 4Purchase accounting: goodwill and the step-up
  5. 5Contribution analysis
0 of 5 chaptersStart
Interactive 58 min

LBO Basics

How a leveraged buyout is funded and how it makes money: sources and uses, what lenders allow, MOIC and IRR, the paper LBO and the debt schedule.

  1. 1Sources and uses
  2. 2Credit statistics: what lenders will allow
  3. 3LBO returns: MOIC, IRR and the three drivers
  4. 4The paper LBO
  5. 5The debt schedule and the cash sweep
0 of 5 chaptersStart
Interactive 30 min

M&A Process

How a company is sold: choosing the process, the buyer funnel, the timeline to signing and closing, and how the advisors are paid.

  1. 1Choosing the sale process
  2. 2Deal timeline and gating items
  3. 3How advisors are paid
0 of 3 chaptersStart